The Daily Money: Higher mortgage rates hinder affordability

As mortgage rates jump, hindering affordability, applications have declined. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

The Daily Money ALL THE MONEY NEWS YOU NEED TO KNOW   Tuesday, March 7 It's Amanda Pérez Pintado here to bring you Tuesday's top Daily Money headlines.  Times have been tough for homebuyers.  Mortgage rates declined earlier this year, but the relief was short-lived and rates are now creeping up toward 7%. The average rate on a 30-year fixed-rate mortgage has reached 6.65%, according to the Mortgage Bankers Association. As mortgage rates jump, hindering affordability, applications have declined. Volume for mortgage applications to purchase a home was 44% lower than the same week one year ago as homebuyers again retreat to the sidelines, according to data from the Mortgage Bankers Association.  Auto loan delinquencies are up Borrowers with low credit are falling behind on car loans as consumers feel the pinch of inflation and the end of pandemic aid.  In January, 1.89% of delinquent auto loans were "severely delinquent" and were at least 60 days past due, the highest rate since 2006, according to Cox Automotive. The share of payments on subprime loans– which are typically offered to people with lower credit scores and have high interest rates– that were at least 60 days late reached more than 6% by the end of 2022, according to S&P Global Ratings.  Lowering your credit card interest rate. Here's how to do it Balance transfers. The top cards with 0% APR  Emergency loans. Best options if you need to borrow in a hurry  📰 More stories you shouldn't miss 📰 Federal Reserve Chair Jerome Powell testifies before Congress Tuesday. Should you wait to claim Social Security? Here's how to make the right choice. Verizon prices: The wireless carrier is raising prices on some older cellphone plans. JetBlue flights to Paris are set to begin in June. Tickets are on sale now for as little as $479. 🍔 Today's Menu 🍔 'One sexy Sauvignon Blanc': Snoop Dogg released his first white wine with 19 Crimes. The Cali Blanc is available in stores nationwide for $14.99. About The Daily Money Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. Hershey unveils new, pricier plant-based Reese's Peanut Butter Cups Hershey said Reese's Plant Based Peanut Butter Cups will be its first vegan chocolates sold nationally. Jerome Powell tells Senate that Fed could speed up interest rate hikes Toblerone drops iconic Matterhorn image Claim Social Security now or wait? Here's how to make the right call Can an employer offer benefits based on tenure or length of service?... Ford F-150 Lightning owners aren't like traditional pickup drivers Homebuyers retreat to the sidelines. Again. Here's why. Long pause in making student loan payments challenged in court Gannett appoints former McClatchy executive as chief content officer Tesla price cuts continue, company offers multiples models for cheaper   Problem viewing email? View in browser Unsubscribe • Manage Newsletters • Terms of Service • Privacy Policy/Your California Privacy Rights • Privacy Notice • Do Not Sell My Info/Cookie Policy • Feedback © 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. 7950 Jones Branch Drive, McLean, VA 22102